Why did the economy get so bad after Bush's tax cuts?

-Tro is wrong. It was already tanking in October 2008. Obama was not elected until 2009.



The economy got bad because of the mortgage meltdown, which happened because the Federal Reserve Bank raised interest rates too quickly.because it was meant to boost the economy & have people spending more, except people still didn't have money to spend so it didn't do anything that it was intended to do. People weren't spending money they didn't have and because of that businesses were suffering.
is that when it tanked? I thought it happened the worst after Obama was elected